MetLife secures refinancing on 50-story Loop apartment tower

215 West Washington Street and Metlife CEO Steven Kandarian (Credit: 215 West Apartments and Metlife)

MetLife secured a $555 million refinancing tied to its 50-story Loop apartment tower, which could be part of a larger property portfolio.

TH Real Estate, the real estate arm of TIAA, provided the loan, which includes the 389-unit building at 215 W. Washington St.

A MetLife spokesperson declined to say whether the building was part of the bigger portfolio being used as collateral for the loan, but a legal description included with the mortgage documents also references property in Davidson County, Tennessee.

MetLife bought the West Washington street building in 2012 for $120 million, Crain’s reported at the time.

Occupancy rates in Chicago-area apartments are essentially holding steady despite accelerating construction, and rents for newer, more expensive apartment buildings Downtown rose to record highs earlier this year.

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